Tadjoura Port Project in the Republic of Djibouti
A loan agreement for KD 10 million was signed in Marrakesh on 17 April 2012 between the Government of the Republic of Djibouti and the Arab Fund for Economic and Social Development to help finance the Tadjoura Port Project in the Republic of Djibouti.
The loan agreement was signed by H.E. Elias Musa Duale, Minister of Economy and Finance in charge of Industry and Planning, on behalf of the Government of the Republic of Djibouti, and by H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors, on behalf of the Arab Fund.
The project aims at developing shipping services in the Republic of Djibouti, through the establishment of a new port in Tajoura to keep up with the growing demand for maritime traffic. The project also aims at supporting economic and social development in the country, and in particular the northern region.
The project includes the following main components:
1 - Offshore installations.
2 - Infrastructure, buildings and equipments.
3 - Advisory services.
The loan will carry interest at 2.5% per annum and will be repayable over 25 years including a 5-year grace period.
With the signing of this loan, the Arab Fund's total contribution to financing projects in the Republic of Djibouti now amounts to about KD 72 million.